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Fiscal Cliff Bill Clears Congress

With a rare late-night vote on New Year’s Day, the House passed a bipartisan compromise -- which President Barack Obama has vowed to sign -- to extend the majority of Bush-era tax cuts, delay automatic spending reductions for two months and fix a number of expiring tax and spending provisions.

January 2, 2013

With a rare late-night vote on New Year’s Day, the House passed a bipartisan compromise -- which President Barack Obama has vowed to sign -- to extend the majority of Bush-era tax cuts, delay automatic spending reductions for two months and fix a number of expiring tax and spending provisions.